Crude Oil Starts Week Strong

Oil Prices Continues To Dominate as Oil Output Lessen Last August

Crude oil prices remain strong this week after bullish run from the International Energy Agency’s adjusted forecast for old demand. Oil prices remain a float and are expected to bullishly run this week after taking a beating from both Hurricane Harvey and Irma and still closes to a five-month high which was also felt last week.

Prices from Brent and WTI remained high entering this week despite opening on mix prices, especially in the Asian market despite having the adjusted forecast from the IEA last week. Although the whole market remained on the bullish ground there on after, and reports reveal that U.S. refineries are having major recovery from the past Hurricanes.

Crude Prices from Early Asian Market

Crude oil prices were mostly mixed entering this week’s market in Asia, the New York Mercantile Exchange crude futures for October remained stagnant and were trading at a flat rate of about $50.44 per barrel. On the other hand, the London’s Intercontinental Exchange tallied a total 0.20% increase on Brent crude prices at %55.73 per barrel.

More on Crude Prices

On the brighter side, the rest of the day for the commodity remained strong and ran bullishly; Brent crude futures were tallying an increase of 3 cents or a 0.1% to 55.65 per barrel. It is also playing around intraday trading high at $55.99, the exact same figures which were recorded on Thursday’s surge and was last felt on May of this year.

Western Digital Intermediate was also rising and riding the high waves from last week which was tallied to be at a whopping 5.1% increase, overtaking Brent’s terrific performance at a 3.4% increase from the same week. On a wider perspective, gasoline futures, which also took major price beating from both Hurricanes, reported an ample increase of half a cent or a 0.4% to $1.667 a gallon price; while natural gas futures also reports increasing performance this week with 4.3 cents or 1.4% to $3.067 per million British thermal units.

Oil Surge Data

Other than the International Energy Agency’s adjusted forecasts, crude prices were also buoyed by the decreasing data from global oil production. OPEC showed data that production was heavily down in August tallying to be at 79,000 barrels a day to 32.76 million decrease production from countries such as Venezuela, Iraq, the UAE, and Saudi Arabia.

Gulf Coast refineries are also yielding better results as they manage to continue operations and recuperate some loss from the massive Hurricane lashes for the past three weeks or so.